An increase in the price of a good will cause total revenue to fall if price elasticity of demand is:
A. unitary elastic.
B. inelastic.
C. perfectly elastic.
D. elastic.
Answer: D
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Under a floating exchange-rate system, a country needs to pay more attention to the economic policies of the rest of the world
a. True b. False Indicate whether the statement is true or false
A patent
a. tends to discourage further innovation, since there are no other competitors to "push" the patentee b. prevents anyone else from buying the same discovery or product for twenty years c. grants exclusive rights over the protected firm for at least fifty years d. is an infringement against an exclusive business right e. prevents anyone else from selling the same discovery or product for twenty years
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Relative to a single-price monopoly, the effect of group price discrimination on social welfare is
A) beneficial. B) detrimental. C) neutral. D) ambiguous.